Resale prices of non-landed private homes up 0.4% in October

From September to October, resale prices of non-landed private homes have increased by 0.4 percent. While prices in the city fringe and suburbs have increased by 0.6 percent each, prices of apartments in the city have fallen by 0.3 percent according to SRX. Despite the slight increase in prices, Wong Xian Yang from OrangTee believes that overall prices will decrease due to the effect of the Total Debt Servicing Ratio framework. According to the Business Times, resale prices of private homes have fallen by 4.5 percent year on year from October 2013. In October this year, about 451 private homes changed hands, which was slightly lower than the 461 units that were resold in September this year.

(Source: Business Times)

98% of all units at Lake Life have been sold since its launch

521 out of the 534 units at Lake Life have been sold since its launch. Lake Life is the first executive condominium project that has been launched in Jurong in the last 17 years. Vincent Ong from Evia Real Estate said that the condominium’s prime location drew buyers. The 99-year leasehold project is priced from $799 to $930 per square foot. On average, a two bedroom unit is sold at $685,000; a three bedroom unit is priced at $898,000; a three bedroom premium unit is priced at $984,000 and a four bedroom unit is sold for an average price of $1.07 million. Additionally, a four bedroom premium unit is sold for $1.088 million, while a five bedroom unit is priced at $1.388 million.

(Source: Business Times)

Non-landed private home rentals slipped 1.1% from Q2 to Q3

According to the Business Times, non-landed private home rentals have slipped by 1.1 percent from 14Q2 to 14Q3. Rental in the core central region took the hardest hit. Other districts such as those at Novena and Middle Road did not experience any significant changes in rental prices. On the other hand, rental prices in 7 districts have increased from Q2 last year to Q2 this year. For example, District 20 which includes Bishan and Ang Mo Kio saw rental prices increase by 15.9 percent from Q2 last year to Q2 this year. The number of rental transactions in those areas increased to 209 units in Q2 this year from the previous year, said Nicholas Mak from SLP International. Lee Lay Keng from DTZ believes that the accessibility to public amenities in mature estates like Ang Mo Kio and Bishan could have resulted in higher rental prices. Lee expects that there will be an increase in supply of rental units in the suburban area in the next year. However, as policies on foreign hiring tighten, demand for rental units is expected to fall. This increase in supply in the next year and the decrease in demand for rental homes is expected to drive rental prices down.

(Source: Business Times)

HDB rentals fall by 1.7% from Dec 2013

According to SRX’s flash estimates, HDB rents have fallen by 1.7 percent in October this year, from December 2013. According to SRX estimates, about 1,559 HDB flats were rented out in October. This was 0.8 percent higher than in September. Yet, the year-on-year rental volume in October this year has fallen by 2 per cent from the previous year. Ong Kah Seng from R’ST Research predicts that HDB rents will continue to fall by up to 4 percent by the end of the year. Not only so, he believes that HDB rents will fall by as much as 8 percent in the following year. Eugene Lim from ERA Realty said that the HDB rental market has weakened as prices for private homes in suburban areas have fallen to as low as $2,500 a month. Nonetheless, Lim believes that the HDB rental market will continue to attract tenants who have a rental budget that is below $2,500.

(Source: Business Times)

Cooling measures will continue to affect property market

Market experts believe that cooling measures will continue to shrink demand in the property market. The weak property market has affected sales at Sing Holdings, Hotel Properties Limited and Design Studio Group. In Q3 this year, Sing Holding’s net profit fell by 90.9 percent to $307,000. Similarly, Hotel Properties Limited experienced a reduction in net profit in Q3 this year as revenue shrank from $180.1 million to $146 million. Market experts believe that as the market shrinks and as foreign labour supply is tightened, property sales volume will continue to fall.

(Source: Business Times)


CDL: Demand for Grade A office space is increasing

Kwek Leng Beng from City Development Limited (CDL) said that the demand in the residential market has remained low due to the implementation of cooling measures. Kwek said that mortgage borrowers who are affected by lower rentals may find it difficult to finance their loans. This may lead to forced fire sales. Nonetheless, Kwek believes that property agents can rely on the office and hotel markets as both markets have been doing well this year. Particularly, demand for Grade A office space has increased and the capital value for hotels is also on the rise. In fact, in Q3 this year, CDL made a profit of $87.59 million from the hotel market.

(Source: Business Times)

Join Our Weekly Newsletter

“What you must know before buying Singapore property…”

Sign up to get our free weekly newsletter with the best ideas and market updates from Singapore property experts, property transaction data and deals. Enter your email below to get our FREE Beginner's Guide and Property Buyer’s Checklist as a bonus. Save yourself thousands of dollars and lots of heartache!

Thanks for signing up! Please check your email to download your reports.